Readers of FM’s April cover story on HomeChoice International — as Weaver Fintech was then known — where this small-cap leader in South Africa’s buy now, pay later (BNPL) market was tipped as a potential hidden fintech gem, will probably not be surprised that its share price has surged more than 40% since then.
The rally has been fuelled by the company’s rebrand to Weaver Fintech — a name that better reflects the fact that 98% of profits now come from its fintech ecosystem rather than its legacy mail-order retail arm — and by stellar interim 2025 results showing profit before tax up 48%.
The financial numbers tell only part of the story. Weaver’s fintech ecosystem is now a vast data-driven platform linking 3.3-million customers with more than 3,100 merchants, onboarding about 120,000 new customers every month. This network supports three verticals — lending, insurance and payments — that are increasingly integrated in ways that encourage cross-selling and deepen customer engagement. At the results presentation, CEO Sean Wibberley described it as a “flywheel effect”: customers may enter through a single product, such as BNPL, but are then encouraged to add PayStretch, personal loans or insurance products. The result is that annual revenue per user can multiply many times over as customers adopt more products.
Unsecured lending remains a cornerstone, with disbursements up 30% to R3.6bn in the half-year. Much of this growth has come from existing customers, who now account for 89% of disbursements. Weaver’s flagship short-term credit wallet, MobiMoney, continues to gain traction, serving more than 330,000 customers who collectively make just under 100,000 transactions a month. The average loan term remains relatively short at 12.8 months, which management sees as prudent in a challenging economic environment.
Payments have emerged as Weaver’s most dynamic growth engine, led by its PayJustNow brand, which houses both the flagship BNPL product and the newer PayStretch option. BNPL — which lets customers split purchases into three equal interest-free instalments over six weeks — saw gross merchandise value (GMV) surge 89% to R2.8bn, generating R128m in fee income. The BNPL customer base alone has grown to 2.4-million, with more than 110,000 new users joining each month. The average BNPL transaction size is about R1,400, reflecting its focus on everyday retail purchases. PayJustNow’s 3,100-strong merchant network includes national names such as Superbalist, Edgars, Makro and Cape Union Mart, and the brand is generating substantial referral traffic to these retailers.
PayStretch is a longer-term instalment product that, unlike BNPL’s interest-free model, charges interest and allows repayments over periods of up to 12 months. Designed for higher-value purchases, its average transaction size is roughly R2,600, nearly double that of BNPL. Since its launch late last year, PayStretch has already exceeded expectations. “We’re carefully scaling this product,” said Wibberley, citing strong uptake from both customers and merchants. Management believes it will become a material profit driver, and the latest results suggest that contribution is already under way.
Insurance is the third leg of the fintech strategy. Gross written premiums rose 21% to R103m, with 46% of new funeral and personal accident policies sold through digital channels. Only 13% of Weaver’s fintech customers hold an insurance product, which points to a significant growth runway. The second half will see the launch of PayJustNow-branded funeral and accident cover, as well as a new life product, Easy Life, all designed to increase penetration in the existing base.
Fee-based income is rising rapidly, up 47% year on year and now representing 28% of total group revenue. This shift towards high-margin, non-interest income streams is central to Weaver’s long-term strategy. On the business-to-business side, the company is building out three services for merchants: checkout-as-a-service, marketing-as-a-service and analytics-as-a-service. These not only generate fees but also strengthen the merchant relationships that drive customer acquisition on the consumer side.
Technology investment remains a key enabler. Executive chair Shirley Maltz said the next five years will be defined by AI, both to enhance customer journeys and to optimise profitability. Weaver has already reduced customer service costs per transaction by 20% through automation and bots, while AI tools are improving fraud prevention, underwriting and personalised marketing. Revenue per employee has risen 22% year on year to R2.5m, highlighting the scalability of the model.
Retail, now a smaller part of the group but still strategically important, posted a 16% revenue increase and a 33% rise in profit before tax. New showrooms — there are now 46, with a long-term target of 100 — are boosting both sales and margins, particularly in heritage categories such as bedding. Retail also benefits from integration into the broader ecosystem, as customers who shop in showrooms can be channelled into fintech products.
Weaver’s balance sheet remains strong despite aggressive growth. Gearing increased to 83% from 72%, in line with expansion of the lending and BNPL books. In August, the company secured a new R1.25bn bullet loan, diversifying funding sources; the raise was 35% oversubscribed, leaving R2.1bn in cash and undrawn facilities to support future growth. Net debt is matched by net receivables, and management emphasises that the short-term, high-yielding nature of the portfolio allows for rapid cash generation if growth is slowed.
The outlook is buoyant. “Our performance this half is not a once-off,” said CFO Paul Burnett. “It’s the continuation of a multiyear trajectory of revenue and profit growth north of 30%.” Wibberley echoed this, citing strong momentum into the second half: in the first six weeks of the second half, disbursements are up 25%, GMV is up 91% and retail sales are up 12%. While South Africa remains the priority market, management does not rule out expansion abroad, noting that all three verticals still have significant untapped potential locally.
Weaver’s competitive advantage, Wibberley believes, lies in its obsessive focus on the customer experience, its use of data and personalisation, and its integrated ecosystem that makes it easy to add products over time. This, combined with the scalability of a digital-first model, has enabled it to grow without a proportionate increase in costs, driving steady margin expansion.
For now, the risks — from credit performance to regulatory scrutiny of BNPL — appear manageable. Bad debt rates in BNPL remain under 2%, and the company is working with industry bodies to ensure appropriate reporting to credit bureaus, which could strengthen its position by helping customers build formal credit histories.
Five years ago Weaver’s fintech business barely existed in its current form; today it is the engine of a high-growth, high-margin group with a clear strategy to deepen customer relationships, expand merchant partnerships and diversify revenue streams. The market may be starting to notice, but with the share still relatively illiquid and trading on modest valuation metrics, it may be that the hidden gem moniker still applies — for now.